Hyundai Heavy Industries eyes IPO this year to raise $1 bn for green migration

Han Woo-ram and Minu Kim 2021. 1. 27. 09:42
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[Photo by Hyundai Heavy Industries]
Hyundai Heavy Industries (HHI), wholly under Korea Shipbuilding & Offshore Engineering will go public this year to finance its five-year 1 trillion won ($904.5 million) investment in projects to develop environmentally-friendly vessels and low-carbon dockyard technologies to establish global leadership in green sea mobility.

Under the scheme, the builder will issue IPOs worth 1 trillion won tantamount to 20 percent stake, without having its parent lose any of its shares. As result, its market worth will instantly balloon to 5 trillion won.

The new capital will fuel the company’s plans to develop eco-friendly and smart vessels to meet the needs in the low-carbon era and to advance dual fuel engine-propelled ships. It will explore green fueling through hydrogen and battery cells through M&As and technology investment.

Its IPO will proceed separately with the ongoing process of merging Daewoo Shipbuilding & Marine Engineering and the acquisition of Doosan Infracore, which is in a finalized stage of signing the binding contract with Doosan Group in a consortium with KDB Investment.

The investment, which comes amid signs of recovery in the shipbuilding and shipping markets, reflects the robust growth potential of eco-friendly shipbuilding.

According to market tracker Clarkson Research, global shipbuilding orders this year will grow 21 percent on-year to 23.8 million compensated gross tonnage (CGT). Annual shipbuilding orders are expected to reach 35.1 million CGT on average between 2022 and 2025.

Shares of Korea Shipbuilding & Offshore Engineering closed down 3.3 percent at 102,500 won on Wednesday.

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